Organizations important to accounting are listed. Select the organization that most closely achieves the role described. (Choices may be used more than once.)
-has the ultimate authority to set accounting standards but has allowed the profession to do so

Question

Quizplus · Accepted Answer

The Securities and Exchange Commission (SEC) has the ultimate authority to set accounting standards in the United States but has historically allowed the accounting profession to self-regulate, delegating the task of setting standards to organizations like the Financial Accounting Standards Board (FASB).

Organizations Important to Accounting Are Listed